More than half of middle-income women feel unsatisfied with their current financial situations and remain unsure about their future financial needs, while nearly one-third don't know how to achieve their financial goals, according to a recent LIMRA report, "Reaching Out to Middle-Income Women."
The study found that 90 percent of middle income families consider having adequate life insurance coverage as one of their financial goals, while one-third of respondents feel they have not achieved this goal. Women were more likely to feel this way, with married women, in particular, tending to believe that their households should have more life insurance coverage.
In addition, the study found that women are more likely to favor an annual or biannual insurance check-up than men.
According to Nilufer Ahmed, senior research director at LIMRA Markets Research, "What's striking is that consistently, women in the middle market expressed more concern about their financial well-being than men did. The recession has been hard on middle-income Americans, with many indicating that they have not made any progress or fallen behind on their financial goals. Yet, the women we surveyed seemed to be more receptive to listening to financial services representatives for the tools and advice needed to achieve their financial goals."
Women also prioritized long term care more highly than men, with more than one-third more women saying they worry about not being able to afford long term nursing care.
Finally, while both men and women are concerned about retirement savings, women are more likely to feel they are not saving enough, and tend to be more risk-averse and less likely to invest in stocka dn mutual funds.